Hk Stocks Scale New Heights, More Gains Seen

Hong Kongs Hang Seng Index scaled new heights on Wednesday as a rally in the property sector propelled the index through 16,000 points with enough momentum to carry it further in days ahead, analysts said. The Hang Seng Index charged to a record high of 16,055.19 points before closing up 211.12 points, or 1.34 percent, at an all-time closing high of 15,983.18. It was the first time the index had breached 16,000 points, which had been considered a resistance level. It can go all the way to 16,100 in the next few days, said Ricky Tam, senior research manager at Delta Asia Securities. Turnover was HK$21.69 billion (US$2.8 billion) compared with HK$17.60 billion on Tuesday, with Cheung Kong (Holdings) Ltd the most active stock.